Title : OPEC Still Doesn't Understand Free Market Capitalism -- May 28, 2017
link : OPEC Still Doesn't Understand Free Market Capitalism -- May 28, 2017
OPEC Still Doesn't Understand Free Market Capitalism -- May 28, 2017
From Reuters, note the last paragraph:"If we get to a point where we feel frustrated by a deliberate action of shale producers to just sabotage the market, OPEC will sit down again and look at what process it is we need to do," said Nigerian Oil Minister Emmanuel Kachikwu.By the way, for those who have forgotten (I had), Mark Papa is CEO of Permian oil producer Centennial Resource Development Inc:
Some OPEC members seem keen to show they have shed any prior naivete about shale, making it a key topic during Thursday's meeting after barely mentioning it before. Shale's limitations, including rising service costs, also were discussed.
"We had a discussion on (shale) and how much that has an impact," said Ecuador Oil Minister Carlos Pérez. "But we have no control over what the U.S. does and it's up to them to decide to continue or not."
Mark Papa, chief executive of Permian oil producer Centennial Resource Development Inc, was asked by OPEC delegates to give a presentation on shale's potential last week. He appeared to have played his cards close to his chest.
"In terms of the threat, we still don't know how much (U.S. shale) will be producing in the near future," Nelson Martinez, Venezuela's oil minister said after the talk.
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